A U.S. federal appeals court has granted Grayscale Investments’ petition for review in its lawsuit against the Securities and Exchange Commission (SEC) regarding its spot Bitcoin ETF application. The court ruled that the SEC must reverse its rejection of the spot Bitcoin ETF and review Grayscale’s application.The court highlighted that the SEC applied the Howey Test unreasonably while evaluating Grayscale’s application and failed to explain its different treatment of similar products. The judges also blasted the SEC for failing to explain how Grayscale’s spot BTC ETF would influence the price of Bitcoin futures traded on the Chicago Mercantile Exchange.The ruling led to a 5.9% hike in the price of Bitcoin and triggered a rally leading to a considerable increase in the prices of other cryptocurrencies including ETH (4.6%), BNB (6%), XRP (4.5%), ADA (6%), etc.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	positive
Relevance Score	10
People	None
Companies	Securities and Exchange Commission, United States Court of Appeals, None, Grayscale Investments, Chicago Mercantile Exchange
Currencies	Ethereum, Cardano, Bitcoin, Ripple, Binance Coin
Securities	None